AmeriSave Mortgage Corp., an Atlanta-based mortgage lender, said Thursday it will now offer personal loans as another option for customers.
Prospective borrowers can now apply online for unsecured loans ranging from $5,000 to $50,000 and receive an approval within minutes, with no up-front fees, the company said. Personal loans come with a fixed rate and monthly payments over a 3- or 5-year term, it said.
With interest rates typically far lower than most credit cards, personal loans are especially popular with consumers looking to consolidate high-interest credit card debt, AmeriSave said.
“Personal loans can be a smart option for consumers who don’t own a home to borrow against or for homeowners who may not have enough equity in their home to obtain a secured loan like a HELOC,” said Deva Annamalai, EVP of product for AmeriSave. “While personal loans are most often used as a vehicle for consolidating credit card debt and lowering monthly debt payments, they can also be used to finance home improvements or to help pay for medical expenses.”
In addition to personal loans and traditional mortgage products, AmeriSave offers home equity loans, home equity lines of credit (HELOCs) and cash-out refinancing.
The company also recently announced a partnership with Ladder Life Insurance to sell life insurance. AmeriSave announced a similar partnership last year aimed at helping customers save on homeowner’s insurance.
Another division, AmeriSave Solar, helps customers lower their energy costs by financing the installation of money-saving solar power systems, the company said.
“At AmeriSave, we’re dedicated to helping our customers save money,” said Mike Berte, president and chief operating officer of AmeriSave Mortgage Corp., “whether that’s through low-rate mortgages, with low-cost life and homeowner’s insurance, by helping reduce energy costs through solar power or, now, with personal loans that can help them reduce credit card debt or finance other expenses.”
Founded in 2002, AmeriSave Mortgage Corp. is a direct-to-consumer lender with six major loan centers across the U.S. It is in 49 states and the District of Columbia.
